Sumitomo Mitsui Trust Holdings Inc. Has $381,000 Stake in First Horizon Co. (NYSE:FHN)

Sumitomo Mitsui Trust Holdings Inc. decreased its holdings in shares of First Horizon Co. (NYSE:FHN - Free Report) by 98.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,900 shares of the financial services provider's stock after selling 1,611,604 shares during the period. Sumitomo Mitsui Trust Holdings Inc.'s holdings in First Horizon were worth $381,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Macroview Investment Management LLC acquired a new position in shares of First Horizon in the 3rd quarter worth $25,000. Byrne Asset Management LLC acquired a new stake in First Horizon during the 4th quarter worth about $40,000. UMB Bank n.a. lifted its stake in First Horizon by 2,308.6% during the third quarter. UMB Bank n.a. now owns 4,504 shares of the financial services provider's stock valued at $50,000 after buying an additional 4,317 shares in the last quarter. Fifth Third Bancorp boosted its holdings in shares of First Horizon by 59.7% in the fourth quarter. Fifth Third Bancorp now owns 4,805 shares of the financial services provider's stock worth $68,000 after buying an additional 1,797 shares during the period. Finally, Covestor Ltd increased its position in shares of First Horizon by 268.5% in the third quarter. Covestor Ltd now owns 5,034 shares of the financial services provider's stock worth $55,000 after acquiring an additional 3,668 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Stock Performance

Shares of NYSE:FHN traded up $0.01 during midday trading on Friday, hitting $14.81. The company's stock had a trading volume of 2,893,646 shares, compared to its average volume of 7,007,407. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $17.82. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of 10.36, a PEG ratio of 4.10 and a beta of 0.94. The stock's 50 day simple moving average is $14.64 and its 200 day simple moving average is $13.52.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The business had revenue of $819.00 million for the quarter, compared to analyst estimates of $809.51 million. During the same quarter in the previous year, the firm posted $0.46 earnings per share. First Horizon's revenue was down 4.7% compared to the same quarter last year. As a group, research analysts anticipate that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.15 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 4.05%. First Horizon's payout ratio is currently 41.96%.

First Horizon declared that its board has approved a stock buyback program on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Robert W. Baird increased their target price on First Horizon from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Thursday, April 18th. JPMorgan Chase & Co. raised their price objective on First Horizon from $16.00 to $17.50 and gave the stock a "neutral" rating in a research report on Thursday, April 4th. Keefe, Bruyette & Woods raised First Horizon from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $16.00 to $18.00 in a research note on Friday, April 5th. Raymond James raised shares of First Horizon from an "outperform" rating to a "strong-buy" rating and increased their price target for the stock from $13.00 to $17.00 in a research report on Friday, January 5th. Finally, Wells Fargo & Company raised their price target on shares of First Horizon from $14.00 to $16.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 10th. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, First Horizon has an average rating of "Moderate Buy" and a consensus target price of $16.15.

First Horizon Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.